Bank accounts?

[Samdert]

I need several bank accounts to register for some services.
Who can help with this?

[JRLawrence]

Originally Posted by Samdert

I need several bank accounts to register for some services.
Who can help with this?

if these are personal accounts, just open accounts in several banks or several accounts in the same bank.

If for business, you will need to register with the Secretary of State where you live:
1. as a fictitious name that links you, as an individual, to the fictitious name: such as Johnny's Lawn Service is run by John Jones who live at such and such address in what city. These have to be redone every few years. Taxes are reported on a schedule C. and the registration documents are submitted to the bank to get an account. Some states will require an attorney of record to receive documents in case there is a lawsuit, or a complaint, against you. Also, they want to know where you are when you use another name such as Doing business as "Johnny's Lawn Service".

Also you can not deposit any check made out to f fictitious name, or a company name you use, into a personal account. You have to have a business account. It is also best to set up business credit cards, in the business name and tied to the business account. Keep you personal credit card separate.

2. As a Sub chapter S, you also need to register with the secretary of state, have an attorney to represent you and receive documents. The papers are submitted to the bank to open an account.

3 and 4 would be LLC type, or limited liability corporations where several people can go into business together, or just one person.
Same thing. you need documents to open a business bank account.

5 is a C corporation. Not needed starting out but the same on bank accounts.

The cost for an attorney is almost nothing to register. My first fictitious name registration was $25.00. The S corp was $50, and the last LLC was nothing because I did it myself after about 14 others. There is usually a small fee every year for an S corporation to keep you registered with the state. The attorney cost to set up is small, but now you have someone to handle small matters for you. When I started out 50 years ago, my attorney died - it was years before I found another even though they still had the dead guy on the record. Could have been a big mistake, but I made my yearly fee for the S corp.

Keep in mind that it is not a good idea to use your personal name for business because everything you own including your house and savings accounts could be taken. With a business account, deposit everything you take in into the business account and keep a separate personal account for getting your own paycheck. Never put cash into your own pocket - that is stealing from the government and the reason a lot of guys go to jail. Now then, you can use the business account for all business expenses, such: as car, car insurance, car gasoline, business supplies, stamps, travel expenses including hotel/motel etc. Set up a payroll, even if it is just one person, and do it with a professional accounting firm that is able to figure all the necessary payroll taxes for you. Paychex is recommended for a small company. Let them pay you out of the business account. They can automatically deposit your payroll into the personal account for you. No signature needed on your part. Someone like Paychex, rather than small one guy shops, can save you a lot of problems.

I hope this helps. But get an attorney to make the first registration and help you decide which corporate form you need to use to get started.

It is not a difficult as it sounds.

I currently have 10 corporations that I own 100%. I have put 4 other corporation to sleep, as in dead - they no longer exist. Currently there are 5 LLCs, one for each of the business buildings that I own. If someone stubs their toe outside of one the buildings, they can't sue me because I am not the owner of the building, the LLC is the owner and it is considered (by law) to be a separate person. Yes the corporation is a person.

[pmdelites]

Originally Posted by Samdert

I need several bank accounts to register for some services.
Who can help with this?

your own bank accounts (checking, savings, money market, CDs, loans, ???)?

or bank accounts that is registered to someone else?

help us help you.

[Jacuzzme]

Never put cash into your own pocket - that is stealing from the government and the reason a lot of guys go to jail.

Screw that, I take cash whenever possible, even give a small discount for paying with it. Uncle Sam sucks up income like a vacuum cleaner, I don’t feel bad AT ALL keeping his hands out of a few bucks.

[yourdesire]

JR, I registered a ficticious buis. Name it costed nothing for Mo. And my bank mgr. told me if I wanted to dep buis funds into personal(not recommended) to just put DBA on the check being deposited.
Op what kind of help are you wanting? You can go to the bank/s you want to open an account at and they'll walk you through and answer questions you have. That's much safer than getting bank advice on a "hooker"board.

[yourdesire]

Originally Posted by Jacuzzme

Screw that, I take cash whenever possible, even give a small discount for paying with it. Uncle Sam sucks up income like a vacuum cleaner, I don’t feel bad AT ALL keeping his hands out of a few bucks.

I hear that! It's not like they have monitors on everyone YET to see every transaction we make. Of course I agree you shouldn't steel, the government hates competition. But holding more of what I earn isn't stealing it just slows the governments theft abilities a lil.

[JRLawrence]

Originally Posted by yourdesire

JR, I registered a ficticious buis. Name it costed nothing for Mo. And my bank mgr. told me if I wanted to dep buis funds into personal(not recommended) to just put DBA on the check being deposited.
Op what kind of help are you wanting? You can go to the bank/s you want to open an account at and they'll walk you through and answer questions you have. That's much safer than getting bank advice on a "hooker"board.

Yes, you are correct. However, it is best to separate the business income into a separate account because you are probably reporting income, and expenses on a schedule C on your personal 1040 account. Thus, you can keep track of your business expenses - such as the hotel costs for meeting your clients for a massage. You can also list your car expenses, and keep a log book of the miles driven for your work. I think is is still about 58 cents/mile which covers not only the gas, but also insurance and depreciation.

Keeping receipts for your schedule C will be a great benefit in the long run. Better yet, get a credit card for the business account and a personal credit card for your personal account. The last time I looked I had 27 business credit cards and 2 personal credit cards. All serve a special purpose.

But, reporting income and keeping track of expenses is a pain, thus the credit cards. It is worth it when you start making more money than expected for your situation in life. Being proud of beating the government is nice, and workable as long as you are not doing an excessive amount of it. But after a time that has to stop; if not you will get caught. The first thing to consider is having the ability to show an income; if you want to show income to rent an apartment, or to purchase a car to use for your profession that you write off as an expense for the profession. The Black Market is discussed in Macro Economics (Taxation Theory) and given an estimate by the IRS and US Treasury. It is those areas where taxes are commonly not paid: lawn services, the hobby, and small business owners who stick some money in their pockets. The fed's have a pretty good estimate on this for every town and neighborhood, land they look for those things that stand out from the normal. So, as long as you are putting money in your pocket and not spending it you have a high probability of not getting caught. But, where do you put it or spend it. If you want to pay cash for a new car: lots of luck it gets reported. If you want to deposit it into a savings account. OK, but how much. There was recently a baker that got caught by the IRS because he always put just less than $10,000 into his account. What? Why? Go to jail, or pay up, because that is just not statistically possible. They can watch the normal flow of money and know a lot.

Some people have been known to keep two sets of books, one for personal and one for the government. Not as much of a problem if you do it by a spreadsheet on the computer.

The real thing that you want to know: after a few months of doing this endeavor - how much money have you really brought in, and how much have you spent as expenses to support the income? How many appointments have you had, and what was the real average income after tips.

Just some things to think about. No charge for the professional advice from the guy with the degrees, even if it was openly posted for everyone.

I hope that this helped someone.

[JRLawrence]

[QUOTE=yourdesire;1062554768... ....That's much safer than getting bank advice on a "hooker"board.[/QUOTE]

Pam,
I never take advice from someone with little education. I respect them for what they may know from life long experiences, but at the same time one should be cautious about listening to what they comment about, until it is certain they understand the subject matter. One can learn from reading, as did Abraham Lincoln throughout his life. But the world we live in causes many people to watch TV and You Tube rather than pick up a book and read to learn instead of being entertained. One of the most interesting man I ever knew was a man who only completed the 4th grade because he had to go to work to support his mother and the other children. After he retired, he found the local library and the encyclopedia. He read the complete encyclopedia, and the library held books for him that would further his understanding of the world. He asked the library to also get him books that a college graduate would have read, and he read them.

In 1974 (I know, a long time ago) I read the entire two book manual concerning bank regulations. it was probably a couple thousand pages. I don't remember all of it, but I know where to look it up. There was some really interesting sections. That semester I read 26 books with a review on each.

[Grace Preston]

Originally Posted by yourdesire

I hear that! It's not like they have monitors on everyone YET to see every transaction we make. Of course I agree you shouldn't steel, the government hates competition. But holding more of what I earn isn't stealing it just slows the governments theft abilities a lil.

The only thing I can say to this is the advice I give any lady in regards to taxation and money in this business....


If you don't want to claim every dollar-- then make sure your lifestyle isn't any larger than your claimed earnings. Because-- men (and other ladies) are vindictive, petty bastards... and if the IRS ever comes calling.. you really want your lifestyle to match your claimed earnings. There are WAY too many strippers out there claiming 25k/year.. and driving an 80k car and paying $2500/month in rent.



(I should add-- this really isn't directed at you because you appear to have a decent grasp on this-- just adding a valuable two cents for others that may wander into the thread)

[Debian]

I don't even know how to help you? Or do you think someone here will provide you with bank account? Unless you can find something similar through this service.

[JRLawrence]

Originally Posted by Grace Preston

The only thing I can say to this is the advice I give any lady in regards to taxation and money in this business....


If you don't want to claim every dollar-- then make sure your lifestyle isn't any larger than your claimed earnings. Because-- men (and other ladies) are vindictive, petty bastards... and if the IRS ever comes calling.. you really want your lifestyle to match your claimed earnings. There are WAY too many strippers out there claiming 25k/year.. and driving an 80k car and paying $2500/month in rent.



(I should add-- this really isn't directed at you because you appear to have a decent grasp on this-- just adding a valuable two cents for others that may wander into the thread)

Very good. If one lives a low profile life, it is hard for some snoop to know how much money you have, and it is no one's business.

[Chung Tran]

There are more people out there than you would think, that live very well on low pay due to family inheritance and gifts.

[Fizley]

Originally Posted by JRLawrence

Very good. If one lives a low profile life, it is hard for some snoop to know how much money you have, and it is no one's business.

Great post, love it! That is my every motto! I would rather be known as the guy who doesn't have money, only to find out that I do.

You ever seen some of the "after stories" of lottery winners? The people come out of the woodwork wanting to take or sell you something.

To help with this vision I drive a 8 year old Toyota Prius.

[JRLawrence]

Originally Posted by Chung Tran

There are more people out there than you would think, that live very well on low pay due to family inheritance and gifts.

There are more people out there than you would think, that ACT LIKE THEY HAVE A LOT OF MONEY WHEN THEY HAVE VERY LITTLE AT ALL.

IT IS ALL A PRETEND LIFE, BUT THEY ARE EASY TO SPOT.

There is an old joke about how many used Cadillac cars wind up being owned by the poor people in the inner city. I once knew a very poor lady to took the bus everywhere and called it her personal limousine. No one corrected her.

At the beginning of my career there was a lady in one of the manufacturing plants I inspected on a regular basis. She had rings with large obviously fake diamonds, at least she called them diamonds.

[Grace Preston]

Originally Posted by Chung Tran

There are more people out there than you would think, that live very well on low pay due to family inheritance and gifts.

Correct-- but if one is investigated by the IRS, this is exceedingly easy to prove. Moreover-- most ladies in the adult industry, would leave the industry if given an inheritance that enabled them to do so